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to him about the fiscal cliff, compromise and the odds of a deal happening. >>> america's energy independence and the environmentalist who says fracking is here to stay. but just how do we make it safe? we'll drill down to get some answers. >>> and then the man who many in the technology world call the next steve jobs. you're probably already using something this quiet genius already invented. "the wall street journal report" begins right now. >> this is america's number-one financial news program. "the wall street journal report." now, maria bartiromo. >> here's a look what's making news as we head into a new week on wall street. corporate america had a strong message for president obama this week. ceos from more than a dozen of america's largest companies met with the president and warned that washington must reach a deal to avoid the fiscal cliff. the president also sat down with congressional leaders and officially began negotiations. if congress doesn't act, taxes on income, capital gains, dividends and estates will all go up. and automatic spending cuts will kick in, beginn
, because of the -- you know, tighter regulations, tougher to do business. but also energy. same thing on the coal and the environmental side there. so i think those two were kind of what i'll call a reset. >> so would you buy into this selloff, or do you want to take to the sidelines? i mean, the market -- let's face it, the market has done extremely well under president obama. realize it's also partly the free money and the stimulus from the federal reserve that has driven the market. but the nasdaq up nearly 90%, the dow up 50%, s&p 500 up 60%. so was this an overreaction, and would you look for opportunities to get in? >> well, you know, i think, you know, i would say fundamentally, we're looking for s&p earnings of about $100 a share next year. so that is somewhat lower than what year -- total year 2012 will be, we're also below consensus. but even still, $100 a share should support 1,400 in the s&p, which is higher than it is right now. should support 1450, potentially even 1500. so, you know, i would say we're an arranged bond market in the u.s., and really, it's going to be sub
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